Volkswagen board approves cutting 50,000 more jobs and ending production at 4 plants
The overhaul would reduce Volkswagen’s global workforce by about 15%, as the company faces weaker demand, China competition and U.S. tariff pressure.
- On Thursday, Volkswagen's board approved a sweeping cost-cutting plan to cut 50,000 jobs, slim the model line by half, and end auto production at four German plants.
- Volkswagen, which has around 650,000 employees, reported a 30% drop in after-tax earnings for the first half of the year as CEO Oliver Blume's plan counters low-cost competition in China.
- The company cited excess production capacity of 500,000 vehicles in Europe, noting that "a competitive future production allocation... cannot be secured" for Emden, Zwickau, Hanover and Neckarsulm.
- Chief employee representative Daniela Cavallo stated the plan is "a necessity for our company to move successfully into the next decade," as worker representatives hold half the board seats.
- Lower Saxony Governor Olaf Lies said the company faces "enormous" challenges and the plan represents "a shared path toward the necessary transformation" through leaner leadership structures.
125 Articles
125 Articles
50,000 more job cuts planned as Volkswagen approves major restructuring
Volkswagen's supervisory board has approved a transformation plan that could cut another 50,000 jobs worldwide. The move marks the group's most extensive restructuring as it faces tariffs, overcapacity and competition from Asian rivals.
Volkswagen's board of directors today approved a sweeping cost-cutting plan that spearheads cutting 50,000 jobs, cutting the company's model lines by 50 percent and ending car production at four German plants.
On Thursday, Volkswagen's supervisory board approved a restructuring plan, which provides for the abolition of approximately 50,000 additional posts worldwide by the end of the decade, double the previous plan of 2024. - Volkswagen announces the abolition of 50,000 additional posts worldwide (Economy).
Volkswagen will cut up to 60,000 jobs as part of a large-scale restructuring, writes Bild
Volkswagen will cut up to 60,000 jobs as part of a large-scale restructuring, writes Bild. The carmaker's Supervisory Board has already approved the relevant plan.The restructuring will cost the company at least €6.6 billion, and in the worst case...
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